Electronic Medical Records Market Accrues Phenomenally by 2026 with a Staggering CAGR of 6.9%

The global healthcare sector is undergoing a wave of transformation, with digitization being the core focus area of service providers. Healthcare IT products and systems are in high demand in emerging nations such as India, China, Brazil, Indonesia, and also Israel, as part of the ongoing upgrade of healthcare infrastructure in these countries. This is expected to propel growth of the electronic medical records market in these regions. Deployment of EMR systems involves long-term collaboration between the system developer and user. This service offering generates a continuous revenue model for electronic medical record service providers. The global market is therefore expected to grow at a sustainable rate over the foreseeable future.

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Patients want secure access of their health information. This would urge healthcare providers to share the electronic health information on different digital platforms. Cloud-based solutions represent growing opportunity for EMR solution. Moreover, with time, demand for mobile-based solutions will increase. Therefore, EMR solution developers and providers need to innovate their solutions to sustain in a constantly changing market in terms of technology and demand. Vendors will have to integrate more functionalities in the system aiding to improve medical decision while ensuring integrity and security of data. Thus compliance to Health Insurance Portability and Accountability Act of 1996 (HIPAA) is essential.

Digital transformation to underpin the adoption of EMR in emerging economies

Healthcare industry in emerging economies such as India, China, and Brazil is at the cusp of digital transformation. This could be the best opportunity for the electronic medical records market players to capitalize on the opportunity. Deployment of proper IT infrastructure coupled with personnel training would be required to support the growth of EMR market in these regions. Supportive regulations and favorable government incentives to implement EMR systems would be a major boosting factor for healthcare facilities in emerging economies.

Competitive Analysis

Key companies covered as a part of this study include Cerner Corporation, Allscripts-Misys Healthcare Solutions Inc., McKesson Corporation, Quadramed Corporation, Medical Information Technology Inc., Sage Software Healthcare Inc., Greenway Health, LLC, NextGen Healthcare Information Systems, LLC, Epic Systems Corporation, and GE Healthcare

Market Taxonomy

This report segments the global electronic medical records market on the basis of component, product type, deployment, end user, and geography. On the basis of component, the market is categorized into software and service. On the basis of product type, the market is categorized into inpatient and outpatient EMR. The electronic medical record is also segmented based on deployment as on premise, cloud-base and hybrid systems. On the basis of end-user, the market is categorized into ambulatory surgical centers, specialized clinics, hospitals and general physician specialized clinics. For comprehensive understanding of market dynamics, the global electronic medical records market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.

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Detailed Segmentation:

Global Electronic Medical Records Market, By Product Type:
Inpatient EMR
Outpatient EMR

Global Electronic Medical Records Market, By Component:
Software
Services

Global Electronic Medical Records Market, By Deployment:
On-premise
Cloud-based
Hybrid

Global Electronic Medical Records Market, By End User:
Ambulatory Surgical Centers
Specialized Clinics
Hospitals
General Physician Specialized Clinics

Ever-Evolving Patient Needs Ably Met By Easy To Access EMR

Patients demand efficient healthcare service with access to proper medical records. Hospitals, clinics, diagnostic laboratories and ambulatory centers are constantly improving their healthcare infrastructure. Installation of electronic medical record system significantly reduces physician’s time and improves decision making. A digital mode of storing patient’s medical records allows the physician to revisit the patient’s medical history under his/her medical therapy and guidance. Increasing inclination of patients towards gaining easy access to their medical records through digital mode would propel implementation of electronic medical records. Moreover, this factor is also driving upgrade of the existing EMR systems making it more efficient and integrated to offer better patient care services. Catholic Health Services (CHS) and University of Maryland Medical System (UMMS) achieved Stage 6 recognition (almost fully automated/paperless medical records) by the Healthcare Information and Management Systems Society (HIMSS) Analytics in March 2017. Thus, demand for better technology-enabled care will drive growth of the electronic medical records market.

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This release was published on openPR.